Also, the organization should have the capability to produce high-quality products (Minds tool ltd 2011).
Finally it should have effective sales and marketing.
Competitive advantage is formed for the niche market.
Also, success may come for being a low cost producer and an example of a company practicing this strategy is Roll Royce. In differentiation strategy, products acquire unique features and characteristics.
One has to put into consideration the competencies and the strengths of the company.
One is required to weigh his strengths and weaknesses.Wal-mart’s size provides it with enormous efficiencies. In niche strategies, efforts are made towards a specific segment.An organization becomes popular for its products within its area of specialization.So as to bring success in our business, we have to apply four functions of management.These functions include, control, organize, plan, and direct.Differentiated products satisfy the unique needs of the customer.The price of a standard product is always lower than the premium prices. For firm to outperform its competitor, the price charged should be greater than total product cost. An organization under this strategy aims at focusing efforts in specific areas.Also one should consider the opportunities and threats he is likely to face.Secondly one should understand the nature of the industry he is in (Minds tool ltd, 2011). (2011): Porters generic strategies: choosing your root to competitive advantage. (2010): How using the four functions of management brings business success. This essay on Successful Management in Business was written and submitted by user Alessandra Todd to help you with your own studies.Let's say you have a professional e-mail address, a succinct subject line, and voilà.Many ineffective business e-mails are a result of poor planning – or, in some cases, no planning.